Oil

With only 3 days to go until the EU ban on Russian seaborne crude imports gets implemented, Russian oil producers are going against all expectations and have actually ramped up production in recent weeks, according to some accounts. On October 5th, the group of oil producers known as OPEC+ agreed …

Major oil producers are expected to stick to their current output strategy or even slash production further when they meet on Sunday in the face of falling prices, a potential Russian oil price cap and an embargo on Russian crude shipments. At their last ministerial session in October the 13-nation …

Led by Gulf member states, OPEC oil output dropped in November in line with the OPEC+ pledge to cut output by 2 million barrels per day for the month, according to a Reuters survey released on Wednesday. OPEC produced 29.01 million barrels per day in November, the survey reported, which …

Earlier this week, oil prices plunged to 2022 lows as energy markets panicked about demand amid COVID chaos in China that has resulted in an unexpected and extraordinary manifestation of street protests and even calls for Chinese President Xi Jinping to step down. The market’s response to this, according to …

Oil prices dipped in Asia trade on Thursday as uncertainty lingered ahead of Sunday’s OPEC+ meeting, though easing COVID curbs at the world’s top crude importer China capped price declines. Brent crude futures fell 25 cents, or 0.3 per cent, to $86.72 per barrel by 0430 GMT, while U.S. West …

The European Union on Friday once again failed to reach an agreement on a price cap for Russian oil, with the bloc’s eastern-most members including Poland, Estonia, Latvia, and Lithuania objecting that the proposed $60-$70 per barrel for Russian crude is too generous and well above the rates Russia currently …

Oil prices posted gains of more than 1 per cent in Asian trade on Wednesday on falling U.S. crude inventories and a lower greenback, but concerns OPEC+ will leave output unchanged at its upcoming meeting and weak China data limited gains. Brent crude futures firmed 95 cents or 1.14 per …

European Union diplomats meeting for a second week in a row failed to agree on a ceiling to cap Russian oil exports as countries remained divided about how to best to reduce Moscow’s capacity to fund its war in Ukraine. The European Commission brought down its initial suggestion of $65-$70 …

Oil prices rebounded on Tuesday after losing almost $4 a barrel during the previous trading session ahead of the OPEC+ meeting on Dec. 4, when OPEC+ producers will decide on their output strategy for January onwards in the face of declining Chinese demand. International benchmark Brent crude traded at $85.53 …

Oil rebounded on Tuesday after falling to more than 11-month lows in the previous session, as investors weighed a potential output adjustment from the major oil producers, who are set to have a key meeting this week. Brent crude futures advanced $1.81, or 2.2 per cent, and traded at $85.00 …